Ahead of the Budget, Rishi Sunak and Jeremy Hunt met MPs for drinks in the Prime Minister’s parliamentary office to try to temper expectations. The Chancellor informed those present that, while he is a low-tax Conservative, he is not a magician. Yes, lots of MPs want him to slash taxes to revive the Tories’ standing in the polls, but he can’t escape reality. In other words, spending is too great and has to be paid for. No Tory can ignore that basic fact.
As one government figure puts it: ‘Calling an election during a recession? Genius’
This is why the Budget he announced on Wednesday fell short of some of his MPs’ expectations. Rather than delivering the income tax cut many had hoped for, Hunt went for the relatively cheaper option of reducing National Insurance by 2p. This will affect 27 million people from April. When combined with the previous cut to NI in the Autumn Statement, the slash is worth £900 to the average earner.
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in